While US President-elect Donald Trump's campaign stump speeches promised a trade war with China and included a proposal to impose a 45 per cent tariff on Chinese exports, his rhetoric might change once he is in office. A number of influential US business groups, including the US Chamber of Commerce, are already suggesting cooler heads will prevail now the febrile emotions stirred by the election are dissipating.

Yet even if Trump were to carry out his promises – and he's already flagged the Trans-Pacific Partnership is dead – his impact on China would be damaging but not a disaster according to HSBC's managing director and co-head of Asian economics and chief economist for China, Qu Hongbin.